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The proposed skyscraper, located along Biscayne Bay, would become Citadel’s new global headquarters and include additional office space, a hotel, and other mixed-use components. It is one of Griffin’s largest investments since relocating his business operations from Chicago to South Florida.
The company plans to invest more than $100 million in restoring the property.
ONE Sotheby’s International Realty will handle the sale through an online auction starting December 3, with a live bidding event in New York on December 17.
Despite the pullback, interest from Latin American and domestic buyers continues to fuel the region’s luxury sector.
After months of trying to sell the property with no success, county commissioners just voted to put the courthouse up for auction sometime next year. Officials had pitched the historic building as a prime opportunity for redevelopment — a potential mix of apartments, hotel rooms, and office space.
Miami real estate circles have been buzzing about what some are calling the “Mamdani Effect.” Miami brokers report that inquiries from New Yorkers have risen as clients worry about potential tax hikes and a less business-friendly environment under a Mamdani administration.
Mamdani’s platform includes a proposed 2% tax increase on New York City’s top 1% of earners — those making over $1 million annually — to fund initiatives such as rent freezes, free public buses, and city-owned grocery stores. The candidate has also stated that “billionaires should not exist.”
In 2025, Miami-Dade County’s commercial sales volume rose 30%, led by strong growth in the multifamily sector, where foreign investors are playing an increasingly significant role.
The property is currently available for sale or joint venture partnership.
Mana has focused on restoring historic structures and funding the $30 million Flagler Street streetscape improvement project, now nearing completion.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services
Phone: 305-858-1188